Question 1

Paradise Kitchens Inc.uses external secondary data to reinforce its position that there is true growth potential for its product offerings.One key statistic deals with the growing Hispanic population.The purchasing power of the Hispanic market is projected to be approximately __________ by the year 2014.

Accepted Answer

A)  $44 million
B)  $798 million
C)  $2.2 billion
D)  $57.9 billion
E)  $1.2 trillionF) A) and B)
G) None of the above

Question 2

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Accepted Answer

A)  Does the prospective product meet all government safety standards?
B)  Who is your competition and what are they doing?
C)  Who will be your key suppliers?
D)  How will you calculate your profit margins?
E)  Is there something unique or distinctive about the product or service that separates it from substitutes and competitors?F) All of the above
G) C) and E)

Question 3

The three key elements of Paradise Kitchens Inc.'s Product Strategy include:

Accepted Answer

A)  product benefits, product line, product packaging.
B)  product characteristics, branding strategies, and packaging.
C)  unique product quality, product line, branding strategies.
D)  product line, unique product quality, and packaging.
E)  product line, product brand, product packaging.F) A) and B)
G) B) and D)

Question 4

Which of the following statements regarding marketing and business plans is most accurate?

Accepted Answer

A)  In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
B)  In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
C)  A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D)  A business plan is used for industrial products and a marketing plan is used for consumer products.
E)  A business plan is used for manufactured products and marketing plans are used for services.F) B) and E)
G) A) and D)

Question 5

Paradise Kitchens, Inc.uses external secondary data to reinforce its position that there is a growing trend in frozen prepared foods.According to its figures, prepared frozen meals account for __________ of the total frozen food market.

Accepted Answer

A)  5%
B)  17%
C)  26%
D)  32%
E)  47%F) A) and B)
G) A) and C) C

Question 6

In contrast to a marketing plan, a(n)  __________ is a road map for the entire organization for a specified future period of time, such as one year or five years.

Accepted Answer

A)  marketing dashboard
B)  mission statement
C)  operation plan
D)  business plan
E)  marketing metricF) B) and C)
G) D) and E)

Question 7

The primary purpose of the Paradise Kitchen's Company Description was to

Accepted Answer

A)  assure the investors of the company's financial health.
B)  introduce all the members and key players in the organization.
C)  describe the product's competition.
D)  explain how the organization will be structured.
E)  highlight the recent history and successes of the organization.F) A) and E)
G) B) and C)

Question 8

Paradise Kitchens Inc.included a detailed figure to highlight its SWOT analysis, however,

Accepted Answer

A)  there was no further explanation or written summary.
B)  it was complemented by a short, but more in-depth, discussion of important points.
C)  it failed to perform a situation analysis.
D)  it did not include an industry analysis.
E)  it also included a page long explanation for each of the four factors.F) A) and B)
G) B) and C)

Question 9

The greatest single factor in a new product's failure is

Accepted Answer

A)  a lack of advertising and promotion.
B)  too small a target market.
C)  too few competitors.
D)  insignificant point of difference.
E)  lack of experienced management.F) B) and C)
G) A) and E)

Question 10

The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Operations, Vice President of Marketing, Director of Sales, and __________.

Accepted Answer

A)  Director of Advertising and Promotions
B)  Director of Research and Development
C)  Director of Finance and Administration
D)  Director of Human Resources
E)  Senior Distribution ManagerF) B) and C)
G) B) and E)

Question 11

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Accepted Answer

A)  Does the prospective product meet all government safety standards?
B)  Who is your competition and what are they doing?
C)  Who will be your key suppliers?
D)  Is the business or marketing idea valid?
E)  How will you calculate your profit margins?F) A) and B)
G) B) and E) D

Question 12

Arthur R.Kydd CEO of St.Croix Venture Partners receives 200 to 300 requests for venture capital or seed money each year; he only selects two or three.He believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner.The way to demonstrate this to him is

Accepted Answer

A)  by creating a prototype and testing it in the real world.
B)  through a well-written marketing or business plan.
C)  by submitting a quality resume that demonstrates past success.
D)  making a list of all the other ideas you have, including this one.
E)  brainstorming sessions in an informal interview.F) B) and C)
G) D) and E)

Question 13

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are general guidelines: (1)  Use care in layout, design, and presentation.(2)  Be positive and specific to convey potential success.(3)  Use bullet points for succinctness and emphasis.(4)  Use A level (the first level)  and B-level (the second level)  headings under the numbered section headings to help readers make easy transitions from one topic to another.(5)  Use visuals where appropriate.(6)  Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(7)

Accepted Answer

A)  Use different color fonts or paper to represent different sections of your plan.
B)  Use a direct, professional writing style.
C)  Do not use a business plan unless you are borrowing at least $100,000.
D)  Include as an attachment formal resumes for all key players in your management team.
E)  Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.F) B) and C)
G) A) and B) B

Question 14

Which of the following goals uses parallel construction?

Accepted Answer

A)  To make the finest bicycles in the professional racing field, to attain sponsorship from at least three top Olympic riders, and obtain a return on equity of at least 15 percent.
B)  Make the best non-battery flashlight possible, make the brand name known in every household in the United States, and make the flashlight the official flashlight of every state-owned hospital in the United States.
C)  Enter three major markets in the next three years, maintain a market share above 20 percent, while continuing to provide the best customer service according to industry polls.
D)  To increase market share by at least 10 percent each year for the next five years, possibly to reduce employee turnover by 20 percent within the next five years, and to obtain a return on equity of at least 15 percent for each of the next five years.
E)  Generate sales of $100 million, generate ROI of 20%, and maintaining selling costs at 10% of sales.F) C) and E)
G) A) and C)

Question 15

A unique aspect of Paradise Kitchens Inc.'s packaging is

Accepted Answer

A)  the information is printed in English on one side and Spanish on the other.
B)  the color of the box gets redder as the spices gets hotter.
C)  there is a Southwestern motif on the box instead of pictures of the product contents.
D)  there is a thermometer strip that indicates when the product is properly thawed.
E)  there are hidden figures created by the outlines of the chili beans for people to look for while preparing the meal.F) A) and B)
G) A) and C)

Question 16

The Situation Analysis is a snapshot to answer the question

Accepted Answer

A)  "Where are we now?"
B)  "What is the competition doing?"
C)  "How will our organization change?"
D)  "What is happening in the industry?
E)  "What are we asking you to do?"F) A) and E)
G) All of the above

Question 17

Which of the following statements is written in the best writing style for a business or marketing plan?

Accepted Answer

A)  We have found three different groups that could benefit from our new software.
B)  Being that this software can be used by teachers, social workers, and nurses, it will offer great opportunities.
C)  There are three potential target markets for this software: teachers, social workers, and nurses.
D)  There is a target market of teachers; there is a target market of social workers; and there is a target market of nurses as well, who might benefit if we get the opportunity to bring this product to the public.
E)  The fact that there are three different "money makers" to shoot for should be a selling point.F) B) and E)
G) B) and D)

Question 18

In the Paradise Kitchens Inc.'s financial plan the company chose to use bar graph rather than a numerical table, to present its sales revenues from 2003-2011.It made this decision because

Accepted Answer

A)  the bar graph made the lack of sales for the previous years, less dramatic.
B)  the sales figures themselves were too difficult to interpret.
C)  there was too much information to present in such small physical space.
D)  a bar graph could gloss over inconsistencies and anomalies.
E)  the bar graph presented more clearly the dramatic representation of the company's incredible growth.F) A) and D)
G) A) and E)

Question 19

The Industry Analysis provides perspective for information regarding

Accepted Answer

A)  the competition, the economy, and the company's customers.
B)  the competition, the company , and the company's customers.
C)  the company, the economy, and the company's customers.
D)  current trends, the competition, and the economy.
E)  current trends, projected changes, and competitive advantages.F) D) and E)
G) A) and E)

Question 20

According to its marketing plan, Paradise Kitchens Inc.is positioning itself in consumers' minds as

Accepted Answer

A)  a moderately priced "Home style taste of the Southwest" chili.
B)  a low-cost "Mexican /American meld of flavors" for easy-to-prepare frozen entrees.
C)  traditional "Taste of Mexico" using all organic ingredients in semi-prepared meals.
D)  very high-quality "gourmet Southwestern/Mexican" frozen entrees and desserts.
E)  very high-quality "authentic Southwestern/Mexican tasting" chilies that can be prepared easily and quickly.F) A) and E)
G) A) and D)

Exam 18: Building an Effective Marketing Plan

Correct Answer
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Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Correct Answer
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The three key elements of Paradise Kitchens Inc.'s Product Strategy include:

Correct Answer
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Which of the following statements regarding marketing and business plans is most accurate?

Correct Answer
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Paradise Kitchens, Inc.uses external secondary data to reinforce its position that there is a growing trend in frozen prepared foods.According to its figures, prepared frozen meals account for __________ of the total frozen food market.

Correct Answer
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C

In contrast to a marketing plan, a(n) __________ is a road map for the entire organization for a specified future period of time, such as one year or five years.

Correct Answer
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The primary purpose of the Paradise Kitchen's Company Description was to

Correct Answer
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Paradise Kitchens Inc.included a detailed figure to highlight its SWOT analysis, however,

Correct Answer
verified

The greatest single factor in a new product's failure is

Correct Answer
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The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Operations, Vice President of Marketing, Director of Sales, and __________.

Correct Answer
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Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Correct Answer
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D

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B

Which of the following goals uses parallel construction?

Correct Answer
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A unique aspect of Paradise Kitchens Inc.'s packaging is

Correct Answer
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The Situation Analysis is a snapshot to answer the question

Correct Answer
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Which of the following statements is written in the best writing style for a business or marketing plan?

Correct Answer
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In the Paradise Kitchens Inc.'s financial plan the company chose to use bar graph rather than a numerical table, to present its sales revenues from 2003-2011.It made this decision because

Correct Answer
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The Industry Analysis provides perspective for information regarding

Correct Answer
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According to its marketing plan, Paradise Kitchens Inc.is positioning itself in consumers' minds as

Correct Answer
verified

Exam 18: Building an Effective Marketing Plan

Correct AnswerverifiedShow Answer

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Correct AnswerverifiedShow Answer

The three key elements of Paradise Kitchens Inc.'s Product Strategy include:

Correct AnswerverifiedShow Answer

Which of the following statements regarding marketing and business plans is most accurate?

Correct AnswerverifiedShow Answer

Paradise Kitchens, Inc.uses external secondary data to reinforce its position that there is a growing trend in frozen prepared foods.According to its figures, prepared frozen meals account for __________ of the total frozen food market.

Correct AnswerverifiedC

In contrast to a marketing plan, a(n) __________ is a road map for the entire organization for a specified future period of time, such as one year or five years.

Correct AnswerverifiedShow Answer

The primary purpose of the Paradise Kitchen's Company Description was to

Correct AnswerverifiedShow Answer

Paradise Kitchens Inc.included a detailed figure to highlight its SWOT analysis, however,

Correct AnswerverifiedShow Answer

The greatest single factor in a new product's failure is

Correct AnswerverifiedShow Answer

The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Operations, Vice President of Marketing, Director of Sales, and __________.

Correct AnswerverifiedShow Answer

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Correct AnswerverifiedD

Correct AnswerverifiedShow Answer

Correct AnswerverifiedB

Which of the following goals uses parallel construction?

Correct AnswerverifiedShow Answer

A unique aspect of Paradise Kitchens Inc.'s packaging is

Correct AnswerverifiedShow Answer

The Situation Analysis is a snapshot to answer the question

Correct AnswerverifiedShow Answer

Which of the following statements is written in the best writing style for a business or marketing plan?

Correct AnswerverifiedShow Answer

In the Paradise Kitchens Inc.'s financial plan the company chose to use bar graph rather than a numerical table, to present its sales revenues from 2003-2011.It made this decision because

Correct AnswerverifiedShow Answer

The Industry Analysis provides perspective for information regarding

Correct AnswerverifiedShow Answer

According to its marketing plan, Paradise Kitchens Inc.is positioning itself in consumers' minds as

Correct AnswerverifiedShow Answer

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C

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D

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B

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